• EUR/NZD declined on Friday as worries about inflation, China's COVID lockdowns and concerns about dwindling supplies from Russia weighed on euro.
•The market is pushed and pulled by the prospect of a European Union ban on Russian oil tightening supply and concerns about faltering global demand.
• Todays drop has put EUR/NZD back below 38.2%fib and has put the 50%fib at 1.6515 back in play.
• Immediate resistance is located at 1.6662 (38.2%fib), any close above will push the pair towards 1.6792 (Higher BB).
• Immediate support is seen at 1.6515 (50%fib) and break below could take the pair towards 1.6373 (61.8% fib).
Recommendation: Good to sell round 1.6550, with stop loss of 1.6700 and target price of 1.6450
